Joe Stiglitz:People Who Break the Rules Have Raked in Huge Profits and It's Sickening Our Politics

[xchrom]

http://www.alternet.org/economy/joe-stiglitz-people-who-break-rules-have-raked-huge-profits-and-wealth-and-its-sickening-our


I'm an economist-- I study how economies work and don't work. It’s been clear to me that our economy has been sick for a long time. One of the reasons it's been so sick is inequality, and I decided to write an article and a book about it.

Two years ago, I wrote an article for Vanity Fair called, "Of the 1%, by the 1%, for the 1%,” which really got to the gist of it. For too long, the hardworking and rule-abiding had seen their paychecks shrink or stay the same, while the rule-breakers raked in huge profits and wealth. It made our economy sick, and our politics sick, too.

You all know the facts: while the productivity of America's workers has soared, wages have stagnated. You've worked hard – since 1979, your output per hour has increased 40%, but pay has barely increased. Meanwhile, the top 1% take home more than 20% of the national income.

The Great Recession made things worse. Some say that the recession ended in 2009. But for most Americans, that's simply wrong: 95% of the gains from 2009 to 2012 went to the upper 1%. The rest — the 99% — never really recovered.

[SamKnause]

1. Rules ????

The U.S. has a two tier justice system.

It doesn't matter how many articles are written on this subject, it is quite obvious our corrupt nonfunctional government has no intention of addressing the problems facing this country.

[pampango]

2. Excellent article. Thanks for posting, xchrom.

The central message of my book, The Price of Inequality, is that all of us, rich and poor, are footing the bill for this yawning gap. And that this inequality is not inevitable. It is not, as Rich said yesterday, like the weather, something that just happens to us. It is not the result of the laws of nature or the laws of economics. Rather, it is something that we create, by our policies, by what we do.

We created this inequality—chose it, really—with laws that weakened unions, that eroded our minimum wage to the lowest level, in real terms, since the 1950s, with laws that allowed CEO's to take a bigger slice of the corporate pie, bankruptcy laws that put Wall Street’s toxic innovations ahead of workers. We made it nearly impossible for student debt to be forgiven. We underinvested in education. We taxed gamblers in the stock market at lower rates than workers, and encouraged investment overseas rather than at home.

We won't achieve it through mindless cutbacks in public spending, whether in schools, hospitals, police, or firemen. These are ways to keep our economy sick. And an economy in which 95% of the growth goes to the top 1% can only be called that: sick.

What we do need is investment in our future — in education, technology and infrastructure.

[xchrom]

3. ...

[malaise]

4. MUST READ

Rec

[Laelth]

5. k&r for the truth, however depressing it may be. n/t

-Laelth

[Snake Plissken]

6. 76% of Americans are living paycheck-to-paycheck

and we still have to fight our politicians to prevent them from giving the 1%ers yet another taxpayer funded war for cheese in the Middle East.

[daleanime]

7. K&R....

[Bluenorthwest]

8. Criminality and mediocrity are rewarded, honesty and excellence are punished.

And that is what is killing the future of the United States. Vote for massive war based on made up intel, become Sec of Defense. Vote against it, no soup for you! No culture can survive such ignorant and self indulgent behavior.

[xchrom]

9. +1

[dotymed]

10. Maybe a movement

based on OWS, but with some great Progressive leadership would help this. We could still occupy across the country but have solid, non-negotiable demands.
1. All money out of politics and campaigns. If we can afford another war, surely we can afford to publicly finance our elections, whether it be through tax breaks for campaign advertising equally or mandatory PSA services for the media. However it is done, running for office must be free. Until that happens (especially with citizens united) the average American cannot be represented. That is obvious.

2. A national health care system. Being healthy and able to survive is a right, not something that should be available only to the wealthy.

3. Guaranteed living wage jobs. 95% of "our recent recovery going to the wealthiest 5%" is untenable.

There are many more demands that must be met, we occupy until they are.
A great blueprint for our needs as Americans is FDR's 2nd bill of rights.

To continue to live as slaves is not an option. This includes having the NSA monitor everything we do.

[avaistheone1]

11. Bookmarked and highly recommended

k&r

[riderinthestorm]

12. Big, BIG K&R. Must read!!!! nt